Wave counting analysis:
During Monday's trading, the EUR / USD pair gained about 40 bp. And the day before that I lost 70, and then I scored 70. Such unstable trading is the best way to reflect the essence of the market on holidays. The tool can move every day in different directions, which greatly complicates the current wave pattern, which already does not look "like in a textbook". If the current wave counting is correct, the decrease in quotations may continue as part of a new downtrend trend. According to the Fibonacci, the unsuccessful attempt to break through the level of 100.0% warns of the readiness of the instrument to decline.
1.1215 - 0.0% Fibonacci
1.1471 - 100.0% Fibonacci
1.1528 - 127.2% Fibonacci
General conclusions and trading recommendations:
The pair allegedly completed the construction of a wave with. If this is true, then the decline in the instrument will continue, and I recommend extremely cautious sales with targets located near the Fibonacci level of 0.0%, which equals to 1.1215, or slightly higher. The current wave marking acquires a horizontal view and, accordingly, can significantly complicate its internal structure, especially on holidays.
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